Tester Reiterates Case for Delaying Interchange Rule
Sen. Jon Tester said Thursday that credit unions, community banks and small businesses would be hurt if Congress doesn't delay the implemenration of the Federal Reserve's interchange rule.
Tester (D-Mont.) said small financial institutions would be disproportionately impacted and that would make them less able to help small businesses, especially in rural areas.
Tester, who is sponsoring a bill to mandate a two-year delay, is trying to find a measure to which legislation can be attached. Contrary to what some publications have reported, the debate didn't start Thursday and Tester's spokeswoman said it probably won't take place until after Congress returns from a two-week recess scheduled to start Saturday.
Tester has said he hopes to have the 60 votes needed to end a likely filbuster but hasn't said how much support he has. The Fed said it has received 1,100 comment letters that it won't have the final rule finished until next month.
The bill also calls for an additional study of the issue by all the financial regulators, including the NCUA. A companion bill in the House calls for a one-year delay.